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It's hardly like the world is running out of wine, but there's certainly going to be less of it around this year as environmental factors have wreaked havoc during the harvest season.

The International Organization of Vine and Wine (OIV) has warned that extreme weather conditions has effected production in three of the world's biggest wine regions.

France, Italy and Spain are all reporting low production figures, dropping 19%, 23% and 15% respectively.

The European Commission has said France's harvest is the worst since 1945 while the OIV is saying to expect "historically low 2017 production."

However, other parts of the world are faring better. "New world wines" from regions including South America, Australia and right here in the U.S. are doing okay this season. Argentina in particular is seeing production grow 25% this year.

Perhaps the answer is to spend some serious time exploring the wines outside of Europe to have a good backup plan in case your favorite French Cabernet Sauvignon dries up.